April 2009
The Phoenix Fund's name was no longer just whispered. It had begun to circulate—first in real estate offices, then in local business circles, and finally, in inboxes belonging to journalists.
It was only a matter of time.
---
The Interview Request
Ryan found the email late on a Tuesday night. It was buried under invoices, contract approvals, and Dylan's latest spreadsheet dump.
> FROM: Ella Jameson – Vegas Business Today
SUBJECT: Profile Request – Phoenix Fund
"Mr. Bennett, I'm covering a piece on post-recession revitalization efforts in Southern Nevada. I've come across several filings and acquisition documents under Phoenix Fund LLC. Your group is quietly snapping up properties, stabilizing them faster than institutional REITs, and operating outside traditional models. You're building something—and people should hear about it. Would you be open to a brief interview?"
Ryan stared at the screen for a long moment. His first instinct was to ignore it. But Leah changed his mind.
Leah (after reading it):
"You can control the story or let someone else tell it. I say we tell it ourselves. But carefully."
---
The Interview
Location: A tenant space they'd just refurbished—a former tailor shop now converted into a small business resource center.
Time: Noon, Friday.
Interview Length: 47 minutes.
On Record: Only 14 carefully vetted answers.
Ella Jameson stepped into the space with a leather-bound notebook and a camera operator in tow. Late 30s, thoughtful eyes, and no patience for PR fluff.
She got straight to the point.
Ella:
"You're all under thirty. You've spent the past 10 months buying up distressed real estate in the middle of an economic freefall. Why?"
Ryan (calm):
"Because people were walking away from things that still had value. We saw the fear—and we saw the gap it left behind. Our mission was simple: fill that gap, carefully, quietly, and with a long view."
Ella:
"But you're not just landlords. You're offering below-market leases, financing tenant improvements, even mentoring your entrepreneurs. That's not traditional development."
Ryan:
"We're not traditional developers. We're builders. Of places, yes—but also of people. We invest in energy and ideas, not just square footage."
She raised an eyebrow.
Ella:
"Sounds idealistic. What's in it for you?"
Ryan (smiling slightly):
"The long game. When you empower your tenants, they thrive. When they thrive, they stay. When they stay, your investment becomes bulletproof."
She nodded, scribbling. Later, off the record, she asked:
Ella:
"This whole operation… it started with $1.2 million, right? That short bet on the mortgage market?"
Ryan (quietly):
"Off the record?"
Ella:
"For now."
Ryan:
"Yeah. We bet on the collapse. Now we're betting on the rebuild. But don't write us like we're heroes. We made money while the country bled. That's not something to celebrate. It's something to make right."
---
The Article
It dropped the following Wednesday:
> "Phoenix from the Ashes: The Mystery Team Rebuilding Vegas—One Storefront at a Time"
The article featured:
Photos of a small plaza with reborn businesses.
A quote from Leah about "reviving dignity through ownership."
A line from Dylan calling streaming tech "the new railroads."
A portrait of Ryan—arms crossed, eyes sharp, looking over a quiet construction site.
The story went viral. Syndicated to regional business magazines, reposted by RE forums, and even picked up by a CNNMoney blog.
---
Old Connections Resurface
Ryan's inbox became a mess.
Subject Lines:
"Long time no see. Got a project I'd love to pitch you."
"Still remember our econ final. Wanna grab a drink?"
"I know some LPs who'd back you in a heartbeat. Let's talk."
1. Ethan Marks – Former fraternity brother turned LA private equity bro.
He called three times. Ryan ignored him. Then he showed up at their office unannounced.
Ethan (grinning):
"Dude. I've been watching your stuff. Wild what you guys are pulling off. My firm wants to talk partnerships—maybe even a portfolio fold-in. You'd have full operational control."
Ryan:
"We're not looking to fold into anyone. We're looking to build something no one else owns a piece of."
Ethan:
"C'mon. Don't be romantic. There's real money to be made. Real scale."
Ryan (coolly):
"We're already making real money. Without the baggage."
He walked Ethan to the elevator himself.
---
2. Rachel Dorsey – Business school alum, now managing director of a new "Social Impact Accelerator" in Portland.
She reached out to Leah. The call started warm, then pivoted.
Rachel:
"You've built something beautiful, Leah. And I think it could be even bigger—if we brought it into a national framework. Shared branding. Joint fundraising. Co-managed programming."
Leah:
"You want to stamp your label on what we built."
Rachel (laughing awkwardly):
"No, no—it's about alignment."
Leah:
"I already have alignment. It's called trust."
She declined. Respectfully, but firmly.
---
In the Shadows – Jordan Watches
At a penthouse office in San Francisco's Embarcadero District, Jordan Vance finished reading the article for the third time.
He didn't laugh. He didn't roll his eyes. He didn't sneer.
He circled three names with a red pen:
Ryan Keller. Dylan Cho. Leah Montgomery.
Jordan (murmuring):
"They learned. They evolved."
His office was lined with clippings—printouts of Phoenix Fund's filings, investor memos, city acquisition records, tech equity disclosures. His junior analyst handed him the latest compiled report.
Jordan:
"Any cracks?"
Analyst:
"Their deals are clean. But they're still small. Still local. If we lean hard enough…"
Jordan:
"We can break them."
He opened his private strategy doc:
> PHASE ONE – INFILTRATE
Outbid Phoenix Fund on Property #14 (pending auction)
Buy off preferred contractor in East Vegas
Feed exaggerated valuations to targeted media contacts
Introduce a "friendly" VC firm offering capital… with strings attached
He poured himself a glass of Oban scotch and stood at the window.
> "They're playing empire. Let's remind them how kingdoms fall."
-------------------------------------------------------